FEMA Establishes Revolving Loan Fund to Enhance Climate Resiliency
FEMA is launching a new opportunity to fund resilience projects that will make communities safer from natural hazards. The Safeguarding Tomorrow Revolving Loan Fund (Safeguarding Tomorrow RLF) will make up to $50 million available in capitalization grants for low-interest loans to local governments.
Eligibility for the Safeguarding Tomorrow RLF Program
The Safeguarding Tomorrow RLF program will provide funding to states, the District of Columbia, Puerto Rico and eligible federally recognized tribes (entities), with capitalization grants to make low-interest loans to local governments to reduce vulnerability to natural disasters. Federally recognized tribes may be eligible to apply if they received a major disaster declaration during the five-year period ending on Jan. 1, 2021.
These capitalization grants complement FEMA’s other hazard mitigation grant programs to empower communities to better withstand a worsening climate.
Funds can be used for hazard mitigation projects that reduce disaster risks for homeowners, businesses, nonprofit organizations, and communities. Other uses of loans include satisfying a local government’s non-federal cost-share match for FEMA Hazard Mitigation Assistance programs, updating building codes adoption and enforcement, and making zoning and land use changes
Future Funding Opportunity and Engagement
FEMA expects to publish the Safeguarding Tomorrow RLF funding opportunity before the end of the calendar year and receive applications through spring 2023.
The agency will hold a series of listening sessions with emergency management agencies and state governments to gauge interest in this opportunity, identify challenges or barriers to implementing and managing a revolving loan fund and learn successes from states that currently have revolving loan funds.
